Judge puts Unique Distribution up for sale

Unique Distribution is looking for buyers after a judge ruled that the accountant placed in charge of the business could sell it.

At a hearing in Southwark Crown court last Friday, management receiver David Ingram of Chantrey Vellacott applied for permission to sell the distributor. The decision to put the business up for sale was made today (Tuesday).

For the last two months Unique has been the subject of a management receivership order while HM Revenue and Customs investigates IGB and its main shareholder Haider Ravjani.

Ingram said that the value of stock for sale was £3m, while the building had been given a value 'in excess of £7m'.

Ingram added that he was already speaking to interested parties and would be 'delighted' to speak to others interested in acquiring all or part of the business, and he planned to conclude the sale of the company's intangible assets 'by close of business Friday'.

Separately, the company is the subject of a winding up petition by accessories distributor Nemesis Technology. The hearing is expected on or around 15 May, at which point it is anticipated that the company will go into liquidation.

'Before then, we are looking to sell the business,' Ingram added.

Unique’s commercial director David Hinc said that he was now looking for investors to assist with a management buyout.

Hinc said: ‘The management team plan to talk to people interested in acquiring us. We’ve got a couple of interested parties waiting in the wings.

‘The buyer could get a business with the infrastructure in place and a go to market proposition - it’s a huge opportunity.’

Any funds raised from the sale will be held pending the outcome of other proceedings that relate to Haider Ravjani.